Market Movers: InterGlobe, SpiceJet fly high, Nifty PSU Bank gains 3%

Nifty took a breather on Wednesday after rising for six consecutive sessions, weighed down by selling in index heavyweights despite largely positive cues from global markets.

The 50-share index closed 14 points, or 0.12 per cent, down at 11,308. Likewise, BSE Sensex snapped its four-day winning run, and settled 37.38 points, or 0.10 per cent, lower at 38,369.

Vinod Nair, Head of Research at Geojit Financial Services, said the domestic equity indices ended a volatile day flat, with a negative bias. “Global cues added to the uncertainty with doubts emerging about the expected US stimulus measures and continuing US-China tensions,” he said.

Here is a lowdown on what happened in Wednesday’s session:
Aviation stocks fly high
Shares of InterGlobe Aviation, which runs IndiGo Airlines, rallied 10 per cent to around Rs 1,035 on the BSE amid reports that the company was in talks with lessors to sell and lease back a few of its ATR aircraft and raise funds through this exercise. The airline also announced that it will raise Rs 4,000 crore through a QIP. SpiceJet also closed 6.03 per cent higher at Rs 49.25.

Nifty PSU Bank gains 3%
Shares of public sector lenders hogged the limelight amid the buzz that the government may consider rewarding the state-run lenders, including the likes of SBI and Bank of Baroda (BoB) with the 'Ratna' title. As a result, Nifty PSU Bank index closed 2.70 per cent higher at 1,477 with SBI gaining the most at 4.33 per cent. Punjab National Bank and BoB advanced over 3 per cent, each.

Who moved my Sensex?
Financial majors including Kotak Mahindra Bank, HDFC and HDFC Bank, energy-to-telecom behemoth Reliance Industries and engineering major L&T together wiped out more than 100 points from Sensex. However, a rise in HCL Technologies, SBI and Infosys capped the downside.

408 stocks hit upper circuits
As many as 408 stocks listed on BSE hit the upper circuit limits set by the exchange. They included IFCI, YES Bank, GE T&D, Lemon Tree Hotels, Dish TV and Educomp Solutions, among others.

Stocks that gave ‘buy’ signals
As many as 70 stocks flashed ‘buy’ signals on BSE as prices crossed above the signal line on the MACD indicator. They included SBI, South Indian Bank, Axis Bank, Inox Leisure, Astra Microwave, Shipping Corporation, LIC Housing Finance and Snowman Logistics, among others.

Insider trading: SBI Cards, Emami
Raviraj Viniyog, a promoter group of Emami, revoked pledge on 10.50 lakh shares on August 11, BSE data showed on Wednesday. The stock fell 1.5 per cent to Rs 329. On the other hand, promoter SBI Life Insurance sold 42,744 shares in the SBI Cards and Payments in the open market on Tuesday. The stock rose 1.3 per cent to Rs 790.

Stocks that turned ‘overbought’
Nearly 50 stocks turned overbought as they crossed above the 70-mark on RSI indicator. They included IDFC First Bank, Parag Milk Foods, Hindustan Aeronautics, Tata Motors, Bharat Forge, Rain Industries and Phillips Carbon, among others.

Where is Nifty headed?
After the formation of 'Doji' type pattern in the previous couple of sessions, Nifty ended flat with negative bias. However, a small positive candle was formed with minor lower shadow at the lows. Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “Technically, this signal formation indicates that bulls are holding their defence. The present range-bound action of the last 3-4 sessions could mean that there is a possibility of one more upside breakout attempt at 11,375-11,400 zone in the short term, before witnessing any reversal pattern at the highs.”